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Thursday, October 13, 2016

Avoid Delays: Get Your Clients Life Insurance Before 2017

It is that time of the year again: the air is starting to get brisk, the leaves are beginning to change colors, and our weekends are ruled by football. Unfortunately for the financial professional, it means that you are quickly running out of time if you plan on getting your clients’ life insurance coverage issued and in force before the end of the year.It can already be difficult getting your clients to complete their paramedical exams, and sometimes it feels like it takes forever for clients’ doctors to provide attending physician statements. Towards the end of the year you are competing with holidays and travel plans for your clients’ attention, as well as added application volumes creating backlogs at the insurance carriers.

Now, while you cannot necessarily control what your clients’ holiday or travel plans are, there are some very common mistakes that financial professionals make that can slow down the processing of a life insurance application and significantly delay the process of getting their clients life insurance coverage before the end of the year.

The two biggest delays that a financial professional can control are: using forms that are not current, and submitting an application that is not in good order. Using an out-of-date form can require that you go back to the client and have them re-sign the current version of that form. Something as simple as having the client check the wrong box or miss filling in a date can cause business to be delayed and, in some circumstances, require that a new form be signed.

One of most effective solutions to these two common problems is to take full advantage of the web-based tools that are available to you. Examples in the life insurance industry include term insurance quoting engines, up-to-date form databases, and especially electronic applications. The benefits of an electronic application are tremendous! Using an electronic application will ensure that you are always using the most current version of the forms and that you cannot submit an application that is not in good order.

One other important benefit of an electronic application is that the client can sign electronically via email and then the paramedical examiner will get the actual paper application signed at the paramedical exam. This can make life insurance sales more streamlined for you as a financial professional because you can avoid the delays of having to complete multiple appointments in order to get an application signed.

This industry is extremely fast-paced, especially in the last few months of the year and we want to make sure that you are doing everything that you can do in order to get your clients life insurance coverage before they become too busy watching the ball drop and welcoming in 2017. To learn more about electronic applications and other web-based tools that you can use to expedite your life insurance business, give me a call at 800.321.3924.

In October 2019, the TruChoice founding firms – American Financial, Ann Arbor Annuity Exchange, GamePlan Financial Marketing and The Annuity Store – began our journey as TruChoice Financial Group (TruChoice). Together, we’re on a mission to bring you a new wholesaling experience, one that helps you take your business to a whole new level.

Your marketing organization, now the TruChoice Ann Arbor Office, will continue to provide the high-touch service and support that you have come to expect. To view the tools currently available on our new producer portal, or to learn about the marketing programs, training resources and other unique benefits available to you through TruChoice, visit us at www.TruChoiceFinancial.com!

We look forward to exploring this new era and the many opportunities it holds for your business with you. Welcome to the TruChoice family!